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QVC profit misses consensus by 45.6% in Q1

QVC Group said its first-quarter normalized net income came to 18 cents per share, compared with the S&P Capital IQ consensus estimate of 33 cents per share.

EPS declined 18.5% year over year from 22 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $88.9 million, a decline of 16.6% from $106.6 million in the prior-year period.

The normalized profit margin dropped to 3.8% from 5.5% in the year-earlier period.

Total revenue grew 22.1% on an annual basis to $2.37 billion from $1.94 billion, and total operating expenses grew 27.1% on an annual basis to $2.16 billion from $1.70 billion.

Reported net income declined 40.6% year over year to $88.4 million, or 18 cents per share, from $148.8 million, or 31 cents per share.